Well it depends on what you accept as canon. First of all, if you watch the new series, then they say all Time Lords are gone and the Doc would know it. Then they tell us no, not so much in the awful END OF TIME mis-saga. Romana was on Gallifrey in the BF audios as President...mostly. Then she was...in the Gallifrey audios which are coming back I think so maybe she survived? Unless those take place before the 9th or 8th Doc destroyed Gallifrey...some two or three times if you count the novels and the new series and the 10th Doc put them all back to where they were unless you thik the old lady was Romana and oh dear. Just accept she's dead and move on. SHe saved lives just like her borhter...oh wait, no she didn't have a brother. Just accept she's dead.

Romana turned into a vllain in the 8th Doc novels as the President I think and she was actively trying to capture the Doc's TARDIS companion or is that a companion who's a TARDIS Compassion? In any case, Romana was evil and it seems she may have escaped the destrcution of Gallifrey in the 8th Doc novels but not in the 9th Doctor's first season cause there's no mentoin she might be alive which means nothing in the current the Master and the Time Lords are in a time bubble that can be broken so they ARE alive but aren't. as I said the show is a mess and became that way in 2010. The novels were a mess a long time ago. As for the Gallifrey audio series not sure. I believe it's after the 8th Doctor era but before the 9th Doctor but who knows? I got very bored of it and I think it might have also been destroyed along with Leela and K9 who might both be coming back. Sigh.

Romana is far less dead than a great many other characters. We've actually seen The Master die several times on camera, including being incinerated. As is always the case in an ongoing story with multiple creators, death is no more than a minor annoyance. If one of the current writers chooses to bring back Romana, that will be that. If not, the possibility will simply remain up in the air.

Nobody is ever dead-dead in these sorts of stories. One of the accepted truths of the Marvel Comics universe used to be that only two characters were truely dead- Peter Parker's Uncle Ben and Captain America's sidekick Bucky. This remained the status quo for decades, but now Bucky is alive and well again. Anything can happen, even if it shouldn't.